Chuck Schumer, the Senate majority leader, has also called a caucus meeting for Democrats on Sunday night to discuss the bill, as per Politico.
- offer amendments once the bill is taken up.
- Trump reportedly met with advisors on Friday to discuss the bill’s ethics language, which is still a major issue in negotiations, according to Politico.
- The Senate vote is set for Tuesday and needs 60 votes, while Republicans hold 53 seats, leaving lawmakers with one day to work before the vote.
Sen. Bernie Moreno (R-OH) is urging colleagues to move forward on the Digital Asset Market Clarity Act (CLARITY Act) arguing that the vote is just a procedural step that would clear the way for amendments rather than the final passage of the crypto market structure bill. The push comes as Democrats are set to meet on Sunday in their own caucus meeting with less than 72 hours left before the vote.
The Senator wrote on X, “This is not a vote on final passage.” He said thousands of hours had already gone into drafting the framework and dozens of Senators had taken part in the process. He added that the bill had cleared the committee with bipartisan support, and the House had already passed it. However, the cloture on the CLARITY Act is due for passage on Tuesday.
Moreno argued that voting “no” on Tuesday would go beyond objecting to a specific provision. “It is a vote to keep an entire industry in the dark with no rules, no American framework, and let it develop overseas.” Senators who still have concerns can offer amendments once the Senate agrees to consider the bill. He said this is how the process is supposed to work.
Trump Discusses Ethics Language Ahead Of Senate Vote
President Donald Trump allegedly met with advisors on Friday to discuss the ethics language in the CLARITY Act, Politico reported. The reporting cited two people who spoke on condition of anonymity with closed-door talks. Neither the White House nor Senate negotiators have said what came out of the meeting.
Politico also reported that Chuck Schumer (D-NY), the Senate majority leader, has called a caucus meeting for Democrats on Sunday night to discuss the bill.
The timing stands out as Tuesday marks the crypto market structure bill’s first test on the Senate floor, and the ethics section Trump was discussing is the same one that has held up negotiations for months.
The Heavily-Contested Ethics Division Of The Bill
The ethics requirements are in Division C of the Senate text, covering sections 30101 through 30106. Section 30101 bars covered officials and their spouses from issuing or sponsoring a digital asset for consideration while in office. Platforms also cannot list an asset issued in violation of those rules.
Officials can keep crypto they already own, and they may also sell their holdings or place them in an independently managed trust. Enforcement rests solely with the Attorney General. Penalties are capped at 10% of the amount earned or $500,000, whichever is less.
Democrats have raised concerns about a few areas of this section, according to reports. They have argued that the language is too weak, pointing to the expiry date, the Justice Department’s role, and the fact that children are not mentioned in the ethics rule section.
CLARITY Act Heads To Vote
Senator Cynthia Lummis (R-WY) released an updated draft last week that she said incorporates more than 114 provisions requested by Democrats. The changes cover decentralized finance (DeFi) and credit unions.
Earlier this week, Senator Thom Tillis (R-NC) had warned that the bill could fail its upcoming vote without the White House’s help on the ethics language. Division C, however, was not among the changes made. The CLARITY Act needs 60 votes in the Senate to clear the procedural hurdle and move forward. Republicans hold 53 seats, and with the Senate back on Monday, lawmakers have one working day left before the vote.
Circle Internet Group (CRCL) and Coinbase (COIN) stand to benefit from the passage of the bill. On Stocktwits, retail sentiment around CRCL and COIN remained in the ‘extremely bearish’ zone and ‘bearish’ zone over the past day.
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